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acc562 week 4 discussion 2

acc562 week 4 discussion 2 - Based on your analysis of the...

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Based on your analysis of the “American Fuel and Supply Company” case, respond to each of the discussion points: Discuss the role of an audit committee with regard to ensuring that all subsequent events are disclosed and the ultimately fair representation of the financial statements. Discuss whether or not Touche Ross complied with the applicable professional standards after learning about the error in the financial statements. What could Touche Ross have done differently? Discuss the role of an audit committee with regard to ensuring that all subsequent events are disclosed and the ultimately fair representation of the financial statements. The audit committee should work closely with internal auditors, external auditors, and management to ensure the integrity of external audit processes. It has a responsibility to resolve the disagreements between management and the external auditor regarding financial reporting.
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